I have let the 1st leg of the correction unfold yesterday - Monday, so the cyclic correction projections can be as confirmed as possible.
Today the end of the correction into (-c- white) should be seen (probably) late NY session.
I will sell half size by limit entry @ 1.3765, and add remainder half sell also by limit entry @ 1.3780. Stop for all at 1.3850. Target @ 1.3450.
I expect to see target towards mid next week. This is a 1:3 R/R. But this is not important (or at least, I really don't look at it this way). What would be important is to reverse engineer the entry size so that the added equity to account at the end of the 2 wk period is an appreciated profit for the time duration, and as a yield to the trader. Otherwise, it makes No sense to commit to the trade, because success could not be measurable otherwise.
MONEY / RISK
I would also keep stop risk at or below 3% of account equity. I would only trade one other position together with this one on the account - so long as this position is not running into the "green". Overall risk would then stand between 6->7% on overall account equity. These measures are only usable to acquire meaningful profit / equity additions, when used on a 3k to 10k account. Accounts below 3k, require an entirely different risk matrix.
Profitable Trading to everyone
Summerset
Today the end of the correction into (-c- white) should be seen (probably) late NY session.
I will sell half size by limit entry @ 1.3765, and add remainder half sell also by limit entry @ 1.3780. Stop for all at 1.3850. Target @ 1.3450.
I expect to see target towards mid next week. This is a 1:3 R/R. But this is not important (or at least, I really don't look at it this way). What would be important is to reverse engineer the entry size so that the added equity to account at the end of the 2 wk period is an appreciated profit for the time duration, and as a yield to the trader. Otherwise, it makes No sense to commit to the trade, because success could not be measurable otherwise.
MONEY / RISK
I would also keep stop risk at or below 3% of account equity. I would only trade one other position together with this one on the account - so long as this position is not running into the "green". Overall risk would then stand between 6->7% on overall account equity. These measures are only usable to acquire meaningful profit / equity additions, when used on a 3k to 10k account. Accounts below 3k, require an entirely different risk matrix.
Profitable Trading to everyone
Summerset
